Amounts of the assets and liabilities of Torrance Associates Inc., as of December 31, 2017, are given

Question:

Amounts of the assets and liabilities of Torrance Associates Inc., as of December 31, 2017, are given as follows. Also included are revenue and expense figures for the year ended on that date (amounts in millions):

Property and equipment, net. Investment Long-term liabilities Other expenses... Total revenue. 72 $ 35 253 Receivables.

Requirement

Prepare the balance sheet of Torrance Associates Inc. at December 31, 2017. Use the accounting equation to compute ending retained earnings?

Balance Sheet
Balance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial...